🕐04.03.10 - 07:36 Uhr
Hannans Forrestania Project Update
ASX Announcement
25 February 2010
Forrestania Project Update
- ASX Announcement
4 March 2010
Forrestania Project Update
- Ten new electromagnetic anomalies identified at Forrestania
- At the Stormbreaker Prospect four new priority EM anomalies have been
identified from a review of historical ground EM surveys and two high
priority targets from the final VTEM interpretation (six in total)
- At both the Skeleton Rocks Prospect and the Lucy Rocks Prospect two new
EM anomalies were identified from the final VTEM data interpretation (four
in total)
- These ten "Phase Two" EM Targets will be refined with additional ground
surveys as soon as possible
- RC drill testing of the thirteen "Phase One" EM Targets is scheduled to
commence in March 2010
Western Australian minerals explorer Hannans Reward Ltd (ASX:HNR) advises
important progress continues to be made at its Forrestania Nickel Project
located within the world-class Forrestania Nickel Belt (refer attached
figure).
Specifically, following a review of both the historical ground
electromagnetic (EM) datasets within the Stormbreaker Prospect and the
final helicopter borne VTEM data by consulting geophysicist Mr.
Ben Jones
(Southern Geoscience Consultants) a significant number of new EM targets
have been generated.
Additional ground based geophysical surveys will now be scheduled as soon
as possible to confirm and delineate the EM anomalies prior to drill
testing.
At the Stormbreaker Prospect four new priority EM anomalies have been
identified from the historical review and two high priority targets from
the final VTEM interpretation (six in total).
At both the Skeleton Rocks Prospect and the Lucy Rocks Prospect two new EM
anomalies were identified from the final VTEM data interpretation (four in
total).
These ten new EM targets will hereafter be referred to as the
"Phase Two EM Targets".
The original thirteen "Phase One EM Targets", announced to ASX on 8
December 2010,are scheduled to be tested with reverse circulation during
March 2010 (the Company is currently waiting to obtain Government drilling
approvals) -- approximately 20 holes for 5,000m.
Ben Jones, consulting geophysicist from Southern Geoscience said, "Although
several mining companies have covered some parts of Hannans' project area
with various phases of ground based EM surveys over time, the potential of
the project area to contain nickel sulphide mineralisation is considered
far from exhausted".
Importantly Hannans is the first nickel focussed company in modern times to
control the majority of the interpreted northern extension of the western
ultramafic that hosts the high grade Flying Fox nickel sulphide mine 7 km
to the south.
The importance of being in a position to implement systematic
nickel exploration activities across the prospective stratigraphy cannot be
overstated.
Hannans remains well funded to complete multiple phases of exploration at
Forrestania during the course of the year with cash reserves of $5 million
and an investment in Atlas Iron Ltd valued at approximately $17 million.
Hannans shareholders have excellent upside exposure to exploration success
at Forrestania and limited downside risk at current levels.
Click here to access the full ASX announcement:
http://esp.gewru.com/download/files/12414/1101449/Forrestania%20Project%20Update%20March%202010.pdf
For further information please contact:
Shareholder Contact:
Damian Hicks
Managing Director
Telephone: (08) 9324 3388
Fax: (08) 9324 3366
Email:
Media Contact:
Karen Oswald
Professional Public Relations
Telephone: 08 9388 0944
Email:
Hannans Reward Limited Summary
Hannans Reward Ltd has developed a suite of prospective exploration
projects within Australia covering nickel, gold and manganese.
Hannans has
joint ventures with Vale (www.vale.com), Kagara Ltd (www.kagara.com.au), St
Barbara Ltd (www.stbarbara.com.au) and Triton Gold Ltd
(www.tritongold.com.au).
Hannans is the second largest shareholder in Warwick Resources Ltd
(www.warwickresources.com.au) and holds equity in Atlas Iron Ltd
(www.atlasiron.com.au).
Hannans' shareholders are exposed to share price
appreciation through exploration success at the following projects:
Forrestania -- nickel & gold project 7km north of Western Area's Flying Fox
nickel mine
Lake Johnston -- nickel & gold project located 25km south east of Norilsk's
Maggie Hays nickel mine
Jigalong -- manganese & base metals project located 150km east of Newman,
WA
Queen Victoria Rocks - joint venture with Companhia Vale do Rio Doce
(Vale),30km south-west of Coolgardie, WA
Sunday -- gold joint venture with Triton Gold Ltd, 10kms east of Leonora,
WA
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